Q4 2025 MARA Holdings Inc Earnings Call Transcript
Key Points
- MARA Holdings Inc (MARA) announced a strategic partnership with Starwood Digital Ventures, accelerating its expansion into AI and high-performance computing.
- The joint venture with Starwood is expected to deliver more than 1 gigawatt of near-term IT capacity, with a pathway to over 2.5 gigawatts.
- MARA Holdings Inc (MARA) closed its investment in Exion, acquiring a 64% stake, which expands its enterprise-grade AI and HPC capabilities.
- The company increased its Nebraska footprint by acquiring a 42 megawatt data center, enhancing operational efficiency and lowering average mining costs.
- MARA Holdings Inc (MARA) doubled its Egon gas-to-power operations, converting previously flared gas into low-cost mining power.
- MARA Holdings Inc (MARA) reported a net loss of $1.7 billion in Q4 2025, primarily due to a $1.5 billion loss from a change in the fair value of digital assets.
- The company experienced a decline in Bitcoin production, mining an average of 21.9 Bitcoin per day in Q4 compared to 27.1 Bitcoin in Q4 2024.
- Bitcoin price volatility created a challenging macro environment, with prices swinging from $111,000 to $87,000 by the end of the quarter.
- MARA Holdings Inc (MARA) recorded a non-cash goodwill impairment charge of $82.8 million, impacting its financial performance.
- The cost per kilowatt-hour for purchased energy increased significantly, with the cost per Bitcoin rising from $31,608 in Q4 2024 to $48,611 in Q4 2025.
Greetings and welcome to the Mara 4Q 25 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Robert Samuels, VP Investor Relations.
Thank you, Robert. You may begin.
Thank you, operator. Good afternoon, everyone, and welcome to tomorrow's fourth quarter and fiscal year 2025 earnings call.
Thank you for joining us today. With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan.
Today's call includes forward-looking statements, including those about our growth plans, liquidity, and financial performance. These involve risks and uncertainties and actual results may differ materially. We disclaim any
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